Insider Selling: GitLab Inc. (NASDAQ:GTLB) Director Sells $58,848.12 in Stock

GitLab Inc. (NASDAQ:GTLB) Director Merline Saintil sold 1,329 shares of the stock in a transaction on Wednesday, June 26th. The shares were sold at an average price of $44.28, for a total transaction of $58,848.12. Following the completion of the sale, the director now directly owns 7,040 shares in the company, valued at approximately $311,731.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

GitLab Trading Up 0.5 %

Shares of GTLB opened at $49.72 on Monday. The firm has a market cap of $7.90 billion, a P/E ratio of -18.08 and a beta of 0.44. The stock’s 50 day moving average is $50.70 and its two-hundred day moving average is $59.07. GitLab Inc. has a 12 month low of $40.19 and a 12 month high of $78.53.

GitLab (NASDAQ:GTLB) last posted its quarterly earnings data on Monday, June 3rd. The company reported ($0.24) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.33) by $0.09. GitLab had a negative return on equity of 19.14% and a negative net margin of 68.52%. The company had revenue of $169.19 million for the quarter, compared to analysts’ expectations of $165.66 million. Equities research analysts forecast that GitLab Inc. will post -0.5 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GTLB. Byrne Asset Management LLC purchased a new position in shares of GitLab in the first quarter worth about $33,000. Allspring Global Investments Holdings LLC lifted its position in GitLab by 2,107.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock worth $33,000 after buying an additional 548 shares in the last quarter. Ramirez Asset Management Inc. acquired a new position in GitLab during the third quarter worth $36,000. SRS Capital Advisors Inc. purchased a new stake in GitLab in the 3rd quarter valued at $40,000. Finally, Banque Cantonale Vaudoise purchased a new position in shares of GitLab during the 1st quarter worth $58,000. Hedge funds and other institutional investors own 91.72% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on GTLB shares. Raymond James raised shares of GitLab from a “market perform” rating to an “outperform” rating and set a $70.00 price objective on the stock in a research report on Friday, April 12th. DA Davidson lowered their price objective on shares of GitLab from $65.00 to $50.00 and set a “neutral” rating for the company in a research note on Tuesday, June 4th. KeyCorp reduced their target price on GitLab from $70.00 to $62.00 and set an “overweight” rating for the company in a research note on Tuesday, June 4th. Royal Bank of Canada reissued an “outperform” rating and issued a $65.00 price objective on shares of GitLab in a report on Friday. Finally, Cantor Fitzgerald decreased their target price on GitLab from $70.00 to $55.00 and set an “overweight” rating for the company in a report on Tuesday, June 4th. Four research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. According to MarketBeat, GitLab currently has a consensus rating of “Moderate Buy” and a consensus target price of $67.30.

About GitLab

GitLab Inc, through its subsidiaries, develops software for the software development lifecycle in the United States, Europe, and the Asia Pacific. It offers GitLab, a DevOps platform, which is a single application that leads to faster cycle time and allows visibility throughout and control over various stages of the DevOps lifecycle.